Credit Suisse strikes off 540 jobs

Credit Suisse strikes off 540 jobs

Published on 31.10.2022

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Finance L The number two Swiss bank specifies its restructuring.

Credit Suisse plans to cut 540 jobs in Switzerland by the end of the year. “We are going to cut 2,700 jobs worldwide, including 20% ​​in Switzerland, by the end of the fourth quarter,” bank boss Ulrich Körner said yesterday.

The establishment announced this week the loss of 9,000 jobs worldwide as part of its restructuring. No fewer than 2,000 jobs are affected in Switzerland. The recovery plan also provides for a major fundraiser, particularly from the Saudi bank, Saudi National Bank.

This will thus become the first shareholder of the Zurich company. A maneuver that will have no influence on the identity of the bank, assures Ulrich Körner in the German-speaking newspaper NZZ am Sonntag. The shareholders have no influence on the direction of the company nor on its ethical principles, he still specifies, “The Saudi National Bank is a shareholder like the others, a major shareholder of course”, continues the director.

The date on which Credit Suisse will divest its capital markets and advisory businesses to the new entity CS First Boston is not yet known. “Credit Suisse will certainly hold a majority stake at startup,” explains Ulrich Körner. Maybe there will be an IPO down the road. ats